Metros

Despite a strong wave of deliveries over the past five years, the metro's rents increased by 3.4 percent year-over-year, well above the national average.

The metro’s quality of life, relative affordability and strong potential for rent growth continue to support the multifamily pipeline.

Limited housing supply and growing demographics continue to put pressure on the metro’s apartment market. Rents rose by 4.6 percent year-over-year through March, well above the national average.

Despite a tightening labor market, the metro’s multifamily sector continues to perform well, with 2.9 percent year-over-year rent growth, slightly below the U.S. average as of March.

With its friendly business environment and good quality of life, the metro continues to attract residents and companies alike, boosting demand for housing.

The metro’s apartment market remained unfazed by last year’s modest employment gains and rents were up 3.4 percent year-over-year as of March, above the national average.

Apartment demand is fueled by young professionals looking for modern, well-located rental units in the city’s central neighborhoods.

With more than 12,000 units underway as of March, apartment demand―driven by solid population gains and an expanding job market―continues to increase.

The metro remains a national leader in job creation, with 102,500 positions added for a 2.6 percent expansion year-over-year in February, slightly above the national growth rate.

The market's strong economy and highly skilled renter cohort continue to support substantial rent growth. The average rent stood at $2,872 as of March, roughly double the national figure.

Rents increased by 4.5 percent year-over-year through February, despite robust deliveries throughout 2018, when nearly 11,000 units came online.

Rebounding rent growth boosted investor appetite in the metro, with $2.2 billion in multifamily assets trading in 2018.